Japan’s M3 money supply gains 3% in Aug.

Jiji Press

11:10 JST, September 10, 2022

TOKYO (Jiji Press) — Japan’s M3 money stock in August grew 3.0% from a year before to ¥1.565 quadrillion, logging a record high for the sixth straight month, the Bank of Japan said Friday.

Deposits remained at a high level as consumers refrained from spending due to the novel coronavirus crisis and inflation. The rate of money stock growth was unchanged from the previous month.

The balance of demand deposits rose 5.9% to ¥914.5 trillion, while that of cash increased 2.9% to ¥114.7 trillion.

The broadest liquidity measure expanded 4.0% to ¥2.079 quadrillion.

Of its components, pecuniary trusts climbed 7.7% to ¥361.8 trillion. Investment trusts jumped 6.2% to ¥91.4 trillion, the largest growth since January 2016.

Foreign bonds surged 14.9% to ¥34.7 trillion thanks to the weaker yen.

The M2 gauge, or M3 minus deposits at Japan Post Bank and credit cooperatives, grew 3.4% to ¥1.209 quadrillion.